Food inflation is exploding as much as 40% year over year (for fresh and dried vegetables) while today’s CPI number is deemed a catastrophe for the Biden administration and its disastrous economic failures. On Wednesday, the PPI (Producer Price Index) rose 0.4% for the month, twice the expected amount, and today’s CPI print reveals a shocking 8.2% year-over-year inflation rate, the highest in 40 years.
The highest price increases are being seen in food, airfare, natural gas, health insurance and public transportation. Butter is up 32.2% and eggs are up 30.5%. A Breitbart news story reveals more shocking numbers: (note the nearly 16% increase in vegetable prices in just one month…)
– Fresh and dried vegetables: up 15.7 percent for the month and 40.2 percent for the year.
– Grains: up 10.7 percent for the month and 30.4 percent for the year.
– Fresh eggs: up 16.7 percent for the month and 97.3 percent for the year.
– Bakery products: up 0.8 percent for the month and 14.0 percent for the year.
– Pasta: up 1.1 percent for the month and 34.1 percent for the year.
This is, of course, exactly what happens when a tyrannical, economically illiterate government wages war on food, farmers and fertilizer while engaging in insane levels of money printing that accelerate the collapse of the value of the dollar.
Understand that “inflation” isn’t even the right word for this. It should rightly be called central bank theft from the people, because that’s largely where this phenomenon comes from. Except, in this case, there are also fundamental food shortages at play which have been engineered into the system to cause scarcity and famine.